An American diplomat said some reassuring words to the oil industry on Weds. Conflicts in Libya and Egypt may be in a turbulent for some time but the major oil producing countries of Saudi Arabia, Kuwait, Iran and Iraq will likely stay stable. Problems in the Middle East have scared oil traders, causing the price of U.S. natural substance up over 10% in the last month. The biggest fear is that the problems in Libya, Egypt, Bahrain and elsewhere will spread to the big oil producing nations in the Gulf. Even so, neither Egypt nor Syria export major amounts of oil. Most of the other major oil producing counties in the region, which accounts for over a third of the world's oil 86 million-barrel-a-day oil supply, will remain relatively stable. The major oil companies should be okay as long as their leaders continue to make concessions to a population calling greater transparency, more democracy, and faster economic growth.
Hargreaves, Steve. "Oil Industry Told Middle East Violence Shouldn't Spread - Mar. 9, 2011." Business, Financial, Personal Finance News - CNNMoney.com. 09 Mar. 2011. Web. 09 Mar. 2011.
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